Jammu Industrialists Hail Union Budget 2025, Call It ‘Well-Structured’

The business community expressed optimism that the budget’s provisions would drive economic growth in Jammu and Kashmir, reports Amir Tantray.

Jammu: Industrialists in Jammu, the winter capital of Jammu and Kashmir, on Saturday welcomed the Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, terming it “well-structured and impactful”.

Talking to ETV Bharat, ASSOCHAM Jammu and Kashmir chapter chairman, Manik Batra highlighted the significance and impact of the budget for the middle class. “With the tax slab enhanced, salaried employees will not have to pay tax upto 12.70 lakh rupees as they will have a standard deduction of Rs 70,000. This will boost the market as spending as well as sentiments will improve, people will travel more that’ll automatically boost the tourism industry,” Batra said.

“We have almost 5.5 crore MSMEs in India, which have always been a central point for government policies. Micro industries will receive special credit cards with loan facilities upto Rs five lakh, while five lakh women entrepreneurs will get loans to start their businesses and start-ups. For supporting start-ups Rs 10,000 crore have been allocated. India is a hub of medical tourism and also focus will remain on the agriculture sector,” Batra added.

Being associated with the medical industry as well, Batra welcomed the special focus on medical tourism. “Increasing medical seats is a welcome step. India has a vast population, and we need to serve domestically and cater to medical tourism as well. To achieve this, skilled manpower, especially doctors, is crucial.

Prominent Jammu hotelier Bhupesh Gupta, co-chairman of ASSOCHAM, also praised the budget, claiming it "exceeded the expectations". “The middle class is the backbone of the economic growth of the country, and increasing the tax slab will help this class grow. We were expecting the tax slab to rise upto Rs 10 lakh, but increasing it to Rs 12 lakh is a welcome step as well as a major relief.”

He further added, “The opening of collateral-free loans will benefit the MSME sector as well. Plans for 120 new airports and an increase in tourist destinations will further strengthen the country's economy.”

Shivangi Mahajan, owner of KC group, highlighted the importance of the budget’s tourism initiatives. “Increasing the tax slab and proposal of 22 new tourist destinations will generate employment.” Mahajan further said, “If tourist destinations of Doda, Bhaderwah, Bani, and other areas of Jammu are considered in these 22 proposed destinations, it will generate employment and boost our economy, as tourism is the backbone of J&K’s economy.”

Chartered accountant, Aditya Suri, highlighted the tax slab revision’s positive impacts. “This budget is good for every class in the country, as people with an income of more than Rs 24 lakh will have to pay the tax of 30 percent. The budget also offers incentives to leather manufacturers. We were expecting a push for an industrial boom in J&K as the current industrial policy is expiring in September, but now there are expectations that the state budget may address the issue,” he said.